Gold continues to see selling pressure as both the short-term fundamentals and the technical picture have deteriorated. Gold's failure to break above the $1,337 level early last week and the subsequent break of $1,322 overnight suggests the technical picture may have turned bearish.

The FOMC meeting next week is expected to bring a 25-basis-point increase in rates, especially after Friday's stellar job report. Possible talks between North Korea and the U.S. have reduced geopolitical tensions. President Trump's original aggressive stance on steel and aluminum imports has been watered down substantially, with many countries receiving an exemption on the proposed tariffs.

North American retail demand remains elusive, with secondary investment product continuing to stream into dealer inventories. Taken as a whole, there is no urgency to engage on the long side and waiting for a break above the $1,337 level for investors looking to add to positions may be appropriate. For traders, gold should be bound between $1,307 and $1,322.

Australia™s central bank highlighted a better global backdrop and faster growth at home, while reiterating inflation™s advance and unemployment™s decline would be only gradual, in minutes of this month™s policy meeting.
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Asian shares fell on Tuesday as investors dumped high-flying U.S. technology shares on fears of stiffer regulation as Facebook came under fire following reports it allowed improper access to user data.
The retreat came as investors braced for new...